Pigment dispersed in a varnish vehicle containing natural or synthetic resin. The varnish may be modified with drying oil to the extent that the total drying oil content of the vehicle, including the oil in the varnish, does not exceed 75 percent, by weight, of the total nonvolatile portion of the vehicle. When applied in a thin layer, it dries principally by polymerization and/or oxidation to form a hard, smooth, opaque film. Excludes LACQUER; ENAMEL, HEAT RESISTING; bituminous and ceramic coatings and GOLD SIZE.